Setting up to be Colorado’s largest pure-play, Bonanza Creek Energy Inc. and Extraction Oil & Gas Inc. have agreed to merge in an all-stock transaction valued at around $2.6 billion. The combined exploration and production (E&P) company, to be called Civitas Resources Inc., would operate across roughly 425,000 net acres in the Denver-Julesburg (DJ) Basin.…
Merger
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Enerplus Builds Bakken Stronghold with Takeover of Pure-Play Bruin E&P
Canadian producer Enerplus Corp. has gained more exposure in North Dakota’s Bakken Shale with a $465 million takeover of Houston-based Bruin E&P HoldCo LLC. The deal announced Monday for the North Dakota assets of the Bakken pure-play is forecast to propel a 20% production jump for Calgary-based Enerplus to a combined 103,500-108,500 boe/d. The acquired…
Devon Completes Permian-Fueled WPX Takeover
Devon Energy Corp. has completed its all-stock merger of Lower 48 rival WPX Energy Inc., giving the independent an even bigger toehold in the Permian Basin’s Delaware formation. The combined company, operating under the Devon moniker, would continue to be headquartered in Oklahoma City. The takeover of WPX was announced in September. The transaction gives…
Canada’s Cenovus, Husky Cite Synergies in Merger Worth C$23.6B
Cenovus Energy Inc. announced Sunday it would take over Canadian oil and gas rival Husky Energy Inc., combining two of the country’s top producers, in a share swap valued at C$3.8 billion ($2.85 billion). Total estimated value of the transaction, including debt, is C$23.6 billion ($17.7 billion). The run rate synergies achieved by the corporate…
Pioneer Natural, Parsley Combination Brings Sheffield Leverage
Pioneer Natural Resources Co. struck a deal valued at $7.6 billion including debt late Tuesday to join forces with rival Parsley Energy Inc. in the second big Permian Basin tie-up this week. The combined company would hold substantial sway in the Permian, with an estimated 930,000 net acres and with no federal leases. At the…
Chevron Completes Noble Energy Acquisition
Chevron Corp. said Monday that it has completed its acquisition of Noble Energy Inc. after Noble’s shareholders approved the transaction last week. Chevron in July clinched a definitive agreement in an all-stock transaction worth $5 billion that carried a total enterprise value, including debt, of $13 billion. The transaction, which at the time valued Noble…
Devon, WPX in $12B ‘Merger of Equals,’ Combining Permian, Multi-Basin Portfolios in Lower 48
Lower 48 giants Devon Energy Corp. and WPX Energy Inc. said Monday they are tying up in an all-stock transaction valued at $12 billion including debt to create operations dominated by a 400,000 net acre Permian Basin leasehold. The two Oklahoma-based independents said the company, still branded as Devon, would create a “merger of equals”…
Virtual Natural Gas Pipeliner to Provide Supply, Services to U.S. Market
Two Texas-based operators have joined forces to create a virtual pipeline business designed to move compressed and liquefied natural gas (LNG) to customers nationwide. Sapphire Gas Solutions was created by Dallas-based BP Energy Partners (BPEP) affiliate Blue Roads Solutions and Thigpen Solutions, which is based near Houston in Conroe. Sapphire is to provide gas and…
Permian’s Parsley, Jagged Peak to Tie Up in $2.27B Merger
Permian Basin explorer Parsley Energy Inc. on Monday agreed to buy private equity-backed Jagged Peak Energy Inc. in an all-stock transaction valued at $2.27 billion.
Marathon Petroleum to Combine MPLX, Andeavor in $9B Tie Up
Marathon Petroleum Corp.’s two master limited partnerships (MLP) MPLX LP and Andeavor Logistics LP agreed Wednesday to combine in a transaction with an estimated equity value of $9 billion to enhance midstream prospects across the Lower 48.